What Is the Difference Between Leasing and Renting?
Termination is easier with a rental agreement, allowing for more flexibility. Early lease termination is possible but discouraged, which makes this arrangement more stable. Parties can be subject to lawsuits, fees, and credit score impacts for ending a lease early, so it’s typically seen as a longer-lasting living situation. The primary difference between a lease and a rental agreement is the duration of the contract. An assignment can occur...